1203 Shelby Dr Memphis, TN 38116-7123
Property Lookup
Property profile & analytics
1203 Shelby Dr Memphis, TN 38116-7123
- Retail space
- 32,760 SF
- 2.09 lot acres
Property ID
US80-3452113
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- AutoZone Auto Parts / Auto Parts Store
Property Details for 1203 Shelby Dr
- Year built
- 2022
- Lot size
- 2.09 lot acres
- Property size
- 32,760 SF
- Zone code
- CMU-2
- Property type
- Retail space
- APN
- 079-061- - -00215
- APU
- 7906100215
Description
This exceptional investment opportunity presents a 32,400 square foot AutoZone ground lease in Memphis, Tennessee. The property boasts a 13.4-year remaining lease term (commencing May 1, 2023, and expiring April 30, 2038) with a credit-rated corporate guarantee from AutoZone, a Fortune 500 company headquartered in Memphis. The absolute NNN lease features built-in rent bumps of 8% every five years, ensuring consistent income growth. Located at 1203 E Shelby Dr, Memphis, TN 38116, this prime retail location benefits from high visibility, situated next to a new Starbucks and Foot Locker, with signalized access. The property's strategic location near Graceland, Memphis International Airport, and Interstate 55 ensures significant traffic and exposure. This AutoZone store is a high-performing mega-hub location, ranked in the top 2% nationwide, and offers a substantial 2.09-acre lot. The asking price is $2,796,000, representing a 5.15% cap rate and a price per square foot of $86.30. The property's strong tenant, prime location, and long-term lease make it an attractive investment with significant upside potential. The lease includes four, five-year renewal options. The current Net Operating Income (NOI) is $144,000. This is a rare opportunity to acquire a high-performing, long-term ground lease with a blue-chip tenant in a thriving Memphis submarket.
Value Estimations
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,548,000
Market price range: $969k - $2.55M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,840,000 Current use
- AUTO REPAIR, GARAGE
- $3,740,000 Change: +103% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $2,915,000 Change: +58% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,980,000 Change: +8% Conversion: Easy
- WAREHOUSE, STORAGE
- $1,640,000 Change: -11% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -90.024
- Latitude
- 35.0204
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$88,899
$95,840
$1,363,520
$1,459,360
-
$239,600
$3,408,800
$3,648,400
